SAN FRANCISCO, April 21, 2022 /PRNewswire/ -- The global nerve repair and regeneration market size is expected to reach USD 20.5 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.16% from 2022 to 2030. Demand for neurological disorder therapies owing to the increasing incidence and rising awareness regarding the same will drive the market. Moreover, government funding and reimbursement policies and uninterrupted technological advances are projected to boost market growth.
Key Insights & Findings from the report:
- In 2021, the neuromodulation and neurostimulation devices product segment led the market due to the increased cases of Central Nervous System (CNS) disorders and awareness regarding mental disorders and available treatments.
- The biomaterials product segment is anticipated to expand at the fastest CAGR during the forecast period due to technological advancements and the development of biodegradable polymers that can help enhance spinal stabilization and healing of fractures and reduce hospitalization.
- North America led the market in 2021 owing to technological advancements and the advent of new devices. Government initiatives and funding and increased cases of injured CNS, such as injuries to the spinal cord and brain, were some of the major reasons responsible for the regional market growth.
- Asia Pacific is expected to be the fastest-growing regional market during the forecast period. The growing geriatric population, technological advancements, and many unmet medical needs are some of the factors driving the regional market.
- The combination of therapies including a cocktail of peptides, nerve stimulation techniques, injecting the brain with stem cells, and other techniques that were successful in bringing patients out of coma were to be used.
- Existing medical devices were combined with regenerative biological medicines with the objective to achieve such a complex initiative.
Read 110-page market research report, "Nerve Repair And Regeneration Market Size, Share & Trends Analysis Report By Product (Biomaterials, Neurostimulation & Neuromodulation Devices), By Surgery, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Nerve Repair and Regeneration Market Growth & Trends
In January 2016, the EU Horizon 2020 program funded a research project 'Autostem', launched by the NUI Galway's Regenerative Medicine Institute (REMEDI), costing about USD 6.73 million. This project was to develop a robotic stem cell production factory, having an edge over the old traditional techniques. This technique offers prospects for new therapies for a range of diseases, such as cancers, diabetes, and arthritis. Increased R&D and investments by key companies in emerging countries are also driving the market. In July 2018, Stem Cells Australia (SCA) received USD 3 million for stem cell research from the Medical Research Future Fund (MRFF).
In addition, government and private funded organizations are conducting clinical trials to develop a safe and effective therapy for different neurological disorders, such as Stem Cells in Umbilical Blood Infusion for Cerebral Palsy (Phase II) and the usage of Polyethylene glycol (PEG) drug (Phase I) to promote axonal fusion technique to repair peripheral nerve injuries in humans.
Furthermore, in October 2017, Stryker Corporation acquired VEXIM, a France-based medical device company. VEXIM's portfolio is complementary to Stryker's Interventional Spine (IVS) portfolio. With this acquisition, Stryker will strengthen its distribution channels in Eastern Europe, the Middle East, Asia, and Latin America. In January 2018, Boston Scientific Corporation received U.S. FDA approval for the first and only Spectra WaveWriter spinal cord stimulator system. This system is used for paresthesia-based therapy.
Nerve Repair and Regeneration Market Segmentation
Grand View Research has segmented the global nerve repair and regeneration market on the basis of product, surgery, and region:
Nerve Repair and Regeneration Market - Product Outlook (Revenue, USD Million, 2018 - 2030)
- Biomaterials
- Neurostimulation and Neuromodulation Devices
- Spinal Cord Stimulation Devices
- Deep Brain Stimulation Devices
- Sacral Nerve Stimulation Devices
- Vagus Nerve Stimulation Devices
- Gastric Electric Stimulation Devices
Nerve Repair and Regeneration Market - Surgery Outlook (Revenue, USD Million, 2018 - 2030)
- Direct Nerve Repair/Neurorrhaphy
- Nerve Grafting
- Stem Cell Therapy
- Neurostimulation and Neuromodulation Surgeries
Nerve Repair and Regeneration Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
List of Key Players of Nerve Repair and Regeneration Market
AxoGen, Inc.
Stryker Corporation
St. Jude Medical, Inc.
Baxter International, Inc.
Polyganics B.V.
Boston Scientific, Inc.
Integra Lifesciences Corporation
Cyberonics, Inc.
Medtronic plc.
Check out more related studies published by Grand View Research:
- Sacral Nerve Stimulation Market - The global sacral nerve stimulation market size is anticipated to reach USD 2.39 billion by 2026 registering a CAGR of 13.7%, according to a new report by Grand View Research, Inc. Increasing incidence of urge incontinence and fecal incontinence is anticipated to boost the market growth.
- Neurostimulation Devices Market - The global neurostimulation devices market size is expected to reach USD 14.8 billion by 2030, registering a CAGR of 12.8% over the forecast period, according to a new report by Grand View Research, Inc.
- Nerve Monitoring Devices Market - The global nerve monitoring devices market is expected to reach USD 1.9 billion by 2022 according to a new study by Grand View Research Inc. Rising prevalence of neurological diseases, such as epilepsy, is a vital driver propelling market growth.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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